I think this is a product labelling issue. Just like loan sharks are legally required to include the annualised interest rate in their adverts, we could legally require financial advisors to state the long-term impact of their fees, over reasonable periods such as 10, 20, 30, and 40 years.

The "true" fees are what proportion of your wealth ends up in the hands of the advisor. For example,

Dave Ramsey's ELPs' 30-year equivalent fee comes to ~36% (and the 40-year equivalent is ~45%);

Vanguard's 30-year equivalent fee comes to ~5.5%. (To their credit, Vanguard

*do* quote 10, 20 and 30-year equivalent fees.)

Using Vanguard's methodology (assuming a constant return of 6%), Ric Edelman's 1.3%/year fee comes to ~31% over 30 years.